BT's head of international just quit and its shares are tumbling

Ben Stansall/AFP/Getty Images

Gavin Rochussen, group executive international at BT Investment Management, has resigned.

A short time ago, BT’s shares were down 6.6% to $9.88.

The London-based Rochussen is investing in a UK boutique asset management firm and, after his six-month notice period at BT, will become its CEO.

He was group chief executive of JO Hambro Capital Management (JOHCM) before handing over last year to former Baring Asset Management chief investment officer Ken Lambden.

Rochussen’s new role as group executive international was aimed at the group’s growth strategy outside Australia.

“The business is in great shape, there is a very strong management team with deep knowledge and experience of the global asset management industry and Ken Lambden in place as CEO of JOHCM,” says Rochussen.

“I feel now is the right time for me to take on my next challenge.”

Group CEO Emilio Gonzalez says Rochussen made an exceptional contribution to the business.

“In my role as Group CEO, I will assume Gavin’s remit of developing the international business while we undertake a full assessment of internal and external candidates for that role,” he says.

The company says Rochussen has agreed to a five year non-solicit period of BT staff.

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